Answered

Discover a wealth of knowledge and get your questions answered at IDNLearn.com. Receive prompt and accurate responses to your questions from our community of knowledgeable professionals ready to assist you at any time.

A game costs $1.00 to play. In the game, the player picks a card at random from a standard deck of cards. If the card is a face card, the player receives $7.00 if the card is not a face card, the player receives nothing.

What is the expected value for the player?

Sagot :

The expected value for the player by participating in the game of the deck of cards is $0.50.

What is the expected value?

The expected value is the payoff that is expected less the cost of the game.

Expected value =  total benefits of the game - cost

(fraction of face cards x payoff of picking a face card) + 0 - $1

(12/52 x 7) - $1 = $0.50

To learn more about expected value, please check: https://brainly.com/question/26181966

Your participation means a lot to us. Keep sharing information and solutions. This community grows thanks to the amazing contributions from members like you. Discover the answers you need at IDNLearn.com. Thank you for visiting, and we hope to see you again for more solutions.